Connecticut Horizon Fund

The Connecticut Horizon Fund ("CHF") is an initiative developed
by former State Treasurer Denise L. Nappier intended to diversify the
management of the state's pension assets and enhance portfolio
returns while providing opportunities for minority or women-owned,
Connecticut-based and emerging investment management firms. The
goal of the initiative, which is an aggregate of public and
private market funds, is for the CHF to represent between 2.5 and
5 percent of the portfolio of the Connecticut Retirement Plans and
Trust Funds ("CRPTF"). The Office of the Treasurer has
made efforts throughout the Nappier administration to create
successful and long term relationships with best in class firms by
drawing from a large band of managers with a focus on talent,
diversity and solid performance records, able to replenish the
CRPTF manager source on an ongoing basis.

Multiple factors
such as size of assets under management or limited track records
preclude consideration of some managers for typical mandates
within the CRPTF. The CHF is designed to identify and invest with
the most promising managers, nurturing their growth into the
next generation of mainstream investment managers. Over time,
investment managers may graduate from the CHF with the opportunity
to transition from a nascent manager to an established, mainstream
institutional money manager.

The CHF is now a $1 billion
fund-of-funds public markets program and additionally includes a
$155 million private equity allocation and a $170 million
alternative investment allocation. As of June 30, 2018, the public
markets program totaled 4 managers and 35 sub- managers. Emerging
firms represent the largest allocation of total assets at 69
percent; minority-owned firms represent 40 percent, followed by
women-owned firms at 29 percent, and Connecticut-based firms are
at 17 percent of total assets.* Additionally, there are 3
private equity managers and 22
sub-managers, including 1 women-owned, 8
minority-owned, 4 emerging strategies and 9 Connecticut-based.
In the separately managed Fund-of-Hedge Fund mandate
within the Alternative Investment Fund, there are 2 managers and
27 sub-managers;
the breakdown includes 22 emerging firms, 13 minority-owned
firms, 7 Connecticut-based firms, and 6 women-owned firms.* *Total exceeds 100 percent because some investment firms are
owned by individuals who represent more than one demographic
category.

Contact Information
Firms may compete for investment contracts so long as such
managers are fully capable, with demonstrated abilities of
providing investment management services consistent with desired
investment strategies and fiduciary standards of the CRPTF.